Brokerages Set Banc of California, Inc. (NYSE:BANC) Price Target at $22.31

Banc of California, Inc. (NYSE:BANC) has been given an average recommendation of “Buy” by the nine ratings firms that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation, seven have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $22.3125.

BANC has been the subject of a number of analyst reports. Piper Sandler increased their price objective on shares of Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Monday, April 27th. Wells Fargo & Company increased their price objective on shares of Banc of California from $20.00 to $22.00 and gave the stock an “overweight” rating in a research note on Monday, March 30th. JPMorgan Chase & Co. increased their price objective on shares of Banc of California from $20.50 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, April 24th. DA Davidson reissued a “buy” rating and issued a $24.00 price objective on shares of Banc of California in a research note on Tuesday, April 28th. Finally, Barclays reduced their price objective on shares of Banc of California from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Tuesday, April 7th.

Hedge Funds Weigh In On Banc of California

Hedge funds and other institutional investors have recently modified their holdings of the stock. Jupiter Asset Management Ltd. bought a new position in shares of Banc of California during the third quarter worth $912,000. Polar Asset Management Partners Inc. bought a new position in shares of Banc of California during the third quarter worth $2,054,000. UBS Group AG boosted its position in shares of Banc of California by 28.4% during the fourth quarter. UBS Group AG now owns 598,427 shares of the bank’s stock worth $11,544,000 after acquiring an additional 132,328 shares during the last quarter. William Blair Investment Management LLC boosted its position in shares of Banc of California by 8.8% during the fourth quarter. William Blair Investment Management LLC now owns 2,317,363 shares of the bank’s stock worth $44,702,000 after acquiring an additional 187,999 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd boosted its position in shares of Banc of California by 308.4% during the third quarter. Y Intercept Hong Kong Ltd now owns 70,856 shares of the bank’s stock worth $1,173,000 after acquiring an additional 53,506 shares during the last quarter. Institutional investors own 86.88% of the company’s stock.

Banc of California Stock Performance

Shares of NYSE BANC opened at $18.62 on Friday. The firm has a fifty day moving average price of $18.47 and a 200-day moving average price of $18.91. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a market cap of $2.87 billion, a PE ratio of 14.22 and a beta of 0.74. Banc of California has a 1 year low of $13.24 and a 1 year high of $21.61.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The firm had revenue of $286.95 million during the quarter, compared to analysts’ expectations of $291.28 million. Banc of California had a net margin of 13.58% and a return on equity of 9.25%. The company’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.26 earnings per share. Equities analysts anticipate that Banc of California will post 1.72 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 15th will be given a dividend of $0.12 per share. The ex-dividend date is Monday, June 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.6%. Banc of California’s dividend payout ratio is currently 36.64%.

About Banc of California

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.